Health care costs can be substantial and vary widely from year to year. Even if two families share the same insurance coverage, a family with a chronic illness may have higher medical costs.
You can use a tool, such as KFF's Marketplace Calculator, to find an affordable plan of health insurance that meets your needs and fits within your budget. The site offers information on deductibles and out-of-pocket limits, as well as other cost-sharing options. These are all important factors for consumers to consider before choosing a health insurance plan.
Average Health Insurance Deductible
The deductible is the amount that you must pay before your health insurer begins to pay on your behalf. In most cases, the health insurance provider and you share the cost for medical services until your deductible is met. Once you reach the deductible level, your health insurer will pay the rest.
You can either choose a plan with a high or low deductible. Low deductible plans usually have lower premiums but will cost you more if you fall ill or need to pay for a medical emergency.
Individuals and families with the most expensive plans have a minimum annual deductible amount of $1700. Lively CEO Ryan Wiik claims that Obamacare's plans carry the highest deductibles.
If you're not a frequent user of medical services or don't need prescriptions on a regular basis, a bronze level health insurance plan may be a good option for you. It's relatively cheap. Bronze-tier insurance plans may have higher premiums, but they also come with a higher deductible. Some bronze plans have deductibles which are the same as the $7.900 maximum allowed by law.